Need help with this exercise in C# please!! Reject if you can't.Create the class SavingsAccount. Use the static read-write property AnnualInterestRate to store the annual interest rate for all account holders. Each object of the class contains a property SavingsBalance, indicating the amount the saver currently has on deposit. Provide method CalculateMonthlyInterest to calculate the monthly interest by multiplying the SavingsBalance by AnnualInterestRate divided by 12—this interest should be added to savings-Balance. Write an app to test class SavingsAccount. Create two savingsAccount objects, saver1 and saver2, with balances of $2000.00 and $3000.00, respectively. Set AnnualInterestRate to 4%, then calculate the monthly interest and display the new balances for both savers. Then set the AnnualInterestRate to 5%, calculate the next month’s interest and display the new balances for both savers.Output should look like the image below. ### Savings Balance CalculationThe following text details the savings balances for two different savers over time. The balances are shown after one year and then after an additional month for each saver.#### After One Year:- **Balance of saver1 after a year:** 2081.4830858395785- **Balance of saver2 after a year:** 3122.2246287593684#### After Next Month:- **Balance of saver1 after next month:** 2090.155932030577- **Balance of saver2 after next month:** 3135.2338980458658The values represent the balances in the respective savings accounts, calculated presumably with interest over the specified periods. #### Analysis:Understanding how savings grow over time with interest can be critical for financial planning. Here, saver1 and saver2 start with different initial balances and possibly different interest rates, leading to differing amounts at the end of the periods. By extending the calculation to the next month, we can observe how monthly compounding may affect the overall savings.Such clear and detailed breakdowns can help individuals better manage their savings and understand the long-term benefits of interest accumulation.

C# Program: using System; //Creating class SavingsAccountclass SavingsAccount { //Static…

Answered: Need help with this exercise in C#…

Database System Concepts

7th Edition

ISBN:9780078022159

Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Chapter1: Introduction

Section: Chapter Questions

Problem 1PE

See similar textbooks

Related questions

Question

100%

Need help with this exercise in C# please!! Reject if you can't.
Create the class SavingsAccount. Use the static read-write property AnnualInterestRate to store the annual interest rate for all account holders. Each object of the class contains a property SavingsBalance, indicating the amount the saver currently has on deposit. Provide method CalculateMonthlyInterest to calculate the monthly interest by multiplying the SavingsBalance by AnnualInterestRate divided by 12—this interest should be added to savings-Balance. Write an app to test class SavingsAccount. Create two savingsAccount objects, saver1 and saver2, with balances of $2000.00 and $3000.00, respectively. Set AnnualInterestRate to 4%, then calculate the monthly interest and display the new balances for both savers. Then set the AnnualInterestRate to 5%, calculate the next month’s interest and display the new balances for both savers.

Output should look like the image below.

### Savings Balance Calculation

The following text details the savings balances for two different savers over time. The balances are shown after one year and then after an additional month for each saver.

#### After One Year:
- **Balance of saver1 after a year:** 2081.4830858395785
- **Balance of saver2 after a year:** 3122.2246287593684

#### After Next Month:
- **Balance of saver1 after next month:** 2090.155932030577
- **Balance of saver2 after next month:** 3135.2338980458658

The values represent the balances in the respective savings accounts, calculated presumably with interest over the specified periods.

#### Analysis:
Understanding how savings grow over time with interest can be critical for financial planning. Here, saver1 and saver2 start with different initial balances and possibly different interest rates, leading to differing amounts at the end of the periods. By extending the calculation to the next month, we can observe how monthly compounding may affect the overall savings.

Such clear and detailed breakdowns can help individuals better manage their savings and understand the long-term benefits of interest accumulation.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, computer-science and related others by exploring similar questions and additional content below.

Similar questions